Express Files for US Bankruptcy Protection, to Close Over 100 Stores
Fashion retailer Express Inc has filed for Chapter 11 bankruptcy in the United States and intends to close more than 100 stores, it said on Monday.
The British luxury department store institution has opened its second iteration of The Residence, as it calls its invitation-only culture, events and personal shopping spaces in China.
The move comes after Beijing issued regulations designed to curb the growing influence of internet-sector leaders.
The economic uncertainty caused by the pandemic means high-end brands now depend more than ever on Chinese consumers for sales.
It’s the only bright spot for the luxury industry, which is otherwise poised to see worldwide spending shrink 45 percent in 2020.
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The social media giant started fact-checking in the first half of the year to verify content related to the coronavirus and elections.
The Chinese e-tailer's net product revenue, which includes online retail sales, rose 33.5 percent to $25.67 billion.
The e-commerce company priced 133 million new shares at HK$226 each, according to people familiar with the matter, making it the second-largest listing this year after Beijing-Shanghai High Speed Railway.
Total net revenue rose 20.7 percent to 146.21 billion yuan ($20.59 billion) in the first quarter ended March 31.
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Many Gen-Z and Millenial shoppers are offloading possessions and embracing a new-found less-is-more attitude.
The e-commerce platform's potential listing could come as early as the second half of the year.
A European business group warned shutdowns in the rest of the world are threatening the supply of key parts and demand.
"While it’s not in luxury brands’ best interests to give away vouchers, they need to start considering their own versions of stimulus packages to
Fashion retailer Express Inc has filed for Chapter 11 bankruptcy in the United States and intends to close more than 100 stores, it said on Monday.
Nike Inc. will have eliminated about 740 jobs at its headquarters by late June as part of its multiyear cost-cutting plan.
Procter & Gamble raised its annual profit forecast on lower commodity costs and as consumers, particularly in the United States and Europe, kept buying its pricey Tide detergent and Dawn dish soap.
Frédéric Malle announced on Apr. 18 that he will be leaving his brand Editions de Parfums Frédéric Malle at the end of June.
The two brothers join older siblings Antoine and Delphine, meaning that 4 out of Arnault’s 5 heirs now serve on the board. Bernard Arnault, age 75, has placed his controlling interest in LVMH in a stock-share partnership aimed at perpetuating family control.
Billionaire Bernard Arnault said he hopes a planned visit to France next month by China’s Xi Jinping will help smooth trade relations between Paris and Beijing.
Alyson Hogg, who founded the luxury tanning brand in 2003, has reacquired it from Crown Laboratories.
Monthly Swiss watch exports suffered their biggest decline since 2020 as demand for premium and luxury timepieces in key markets including China and Hong Kong plunged.